BP plc

euro adhoc: BP PLC
BP 1Q 2003 TRADING UPDATE (E)

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April 2, 2003

                                  BP 1Q 2003 TRADING UPDATE

This trading update is aimed at providing an overview of the revenue and trading conditions experienced by BP during the first quarter ending March 31, 2003.

The first quarter margin, price, realisation, cost and other data referred to below are currently provisional, some being drawn from figures applicable to the first month or so of the quarter.  All such data are subject to change and may differ quite considerably from the final numbers that will be reported on April 29, 2003.  The statement is produced in order to provide greater disclosure to investors and potential investors of currently expected outcomes, and to ensure that they all receive equal access to the same information at the same time.

Exploration and Production

Marker prices

                                                    1Q'03                4Q'02                1Q'02

Brent dated ($/bbl)                        31.47                26.88                21.13

WTI ($/bbl)                                    34.00                28.31                21.54

ANS USWC ($/bbl)                            33.16                26.86                19.76

US gas Henry Hub first of month
  index ($/mmbtu)                            6.53                 3.99                 2.35

UK gas price - National Balancing
  Point (p/therm)                          21.28                19.09                19.22

Compared to 4Q'02, liquid realizations are expected to move broadly in line with the change in marker prices.  Compared to 4Q'02, the Henry Hub gas marker price is expected to increase by $2.54/mcf. However, US gas realizations are projected to be up approximately $2.00/mcf, due to a widening of basin differentials.

Gas, Power and Renewables

North American gas marketing margins are expected to be significantly up on 4Q'02.  NGL margins are expected to be similar to 4Q'02.

Refining and Marketing

Refining Indicator Margins ($/bbl)

                                                  1Q '03              4Q '02            1Q '02
USA

- West Coast                                    6.77                 3.95                5.43

- Gulf Coast                                    6.14                 2.98                2.04

- Midwest                                         4.14                 4.09                2.06

North West Europe                            3.70                 2.19                0.09

Singapore                                         2.98                 1.41                0.20

Refining Global Indicator
  Margin* ($/bbl.)                          4.52                 2.76                1.64

*The refining Global Indicator Margin(GIM) is a weighted average based on BP's portfolio.  Actual margins may vary because of refinery configuration, crude slate and operating practices.

1Q'03 refining margins are expected to be higher than 4Q'02, with some offset from a significant increase in utility costs. The marketing environment is projected to be down in 1Q'03 vs. 4Q'02 due to economic slowdown and normal seasonal variations.

Chemicals

Weighted Chemicals Indicator Margin ($/te)

1Q'03                              4Q'02                3Q'02                1Q'02

  n/a                                 100                  120                    80

*The Chemicals Indicator Margin is a weighted average of externally-based product margins. It is based on market data collected by Nextant (formerly Chem Systems) in their quarterly market analyses, then weighted on BP's product portfolio. This is described more fully in the Group's quarterly results releases.

Chemicals margins in 1Q'03 are expected to be sharply lower than in 4Q'02, due to feedstock costs rising more rapidly than prices for the majority of petrochemical products.

Stock Purchases

During the quarter the company purchased for cancellation 154.9 million of its shares at a cost of around $1 billion.  Shares in issue as at 27 March '03 were 22,242 million.

                                            - ENDS -

                        This information is provided by RNS
      The company news service from the London Stock Exchange

end of announcement            euro adhoc 02.04.2003
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Further inquiry note: Jennifer Bowes 020 7496 4213

Branche: Energy
ISIN:      GB0007980591
WKN:        850517
Börsen:  Baden-Württembergische Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Berliner Wertpapierbörse / free trade
              Niedersächsische Börse zu Hannover / free trade
              Börse Düsseldorf / official dealing
              Frankfurter Wertpapierbörse / official dealing
              Hamburger Wertpapierbörse / official dealing
              London Stock Exchange / official dealing
              SWX Swiss Exchange / official dealing



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